On July 3, Iran, in the face of National Iranian Oil Company, and Total, will sign an agreement worth $4.8 billion on the development of the 11th phase of South Pars gas field, Rambler News reports on Monday.
A preliminary agreement for the field development was signed in November. The signing of the final document was postponed to allow for inspections to ensure compliance with U.S. sanctions against Iran.
In 2002, the United States and its European partners have imposed economic sanctions against Iran, accusing Tehran of nuclear weapons development under the guise of a peaceful nuclear program. The restrictions were imposed by the EU, the USA and the UN Security Council. The economic blockade of Iran had lasted until 2015. On July 14, Iran and the Western countries came to an agreement about the cancellation of a significant part of the sanctions in exchange for Iran ending its nuclear program.